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20130207
20130207
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CNBC 4
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CNBC
Feb 7, 2013 4:00pm EST
the pentagon to allocate the cuts in their best judgment rather than forcing certain cuts on them. that would be one helpful thing, but i think the bargaining power almost requires that we allow it to happen before -- before anybody is going to get serious about their negotiation. i agree. it's a terrible idea, but it's maybe a bad idea whose time has come. >> laura you say it's not next to happen. >> right. >> you say there's no debt crisis. how would you describe the 16 trillion debt. >> so what i would say, look, there were estimates out there at the beginning of the year we needed about $4 trillion to stabilize the debt-to-gdp ratio. we're about 60% of the way there. we do need additional revenue increases or spending cuts over the next decade, but let me emphasize. over the next decade. not at a moment in time when the economy has 7.9% unemployment and is operating under its capacity to the tune of maybe six percentage points below capacity. this is a terrible time to do what needs to be done, and it's also a terrible way to do it because it's like telling a business you have to cut ever
CNBC
Feb 7, 2013 5:00pm EST
, so, it's a big story we're watching, as well. the pentagon, meantime, saying two ships will not be going to the persian gulf to save money, so, you'd think that would hurt shares of the defense stocks involved. nope. the uss truman and the uss gettiesburg both ships are staying put, yet shares of both companies moved up today. so did other defense names, except lockheed. goldman says, quote, we do not believe the market is materially pricing in the risk that sequestration will occur march 1st, melissa. >> you think in the dfx, just a few points away from its record high. >> yeah, and these stocks, jane mentioned lockheed martin, a tremendous run, up to 96. it's pulled back nine or ten, so, i'm still a big believer. general dynamics up a percent or so today. out of all of them today, i think lmt is the most interesting right here. >> jane? >> the ultimate sign of a housing recovery. barbie, the only blond older than i am, is seller her dreamhouse for $25 million on trulia. josh altman is her agent. the home covers 8,500 square feet, but that's a lie. i know this. it's on
CNBC
Feb 7, 2013 4:00am EST
of peaked and it's showing some sign of a reversal. >> the pentagon is cutting the usair craft carrier fleet in the persian gulf to demonstrate the effect looming defense cuts could have on the military. it will have to trim flying hours and lockheed's fighter jets. billions of dollars in automatic cuts known as the sequester are set to take effect march 1st if congress doesn't delay or cancel them. outgoing secretary of defense leon panetta called lawmakers irresponsible. >> it is difficult to believe, frankly, that congress would simply stand aside, stand aside, fail to make the decisions necessary to resolve this crisis and allow the defense, economy and quality of life of america to be irreparably damaged. >> thou, some health and senate republics have offered a plan to cut the federal workforce and use those savings too void the full 85 billion sequester. a similar plan failed to gain any traction last year. however, will this time be different? mark parkinson, former governor of kansas, ceo, and a real pleasure to have you with us. >> great to be here this morning. thank you. >> we wou
CNBC
Feb 7, 2013 6:00am EST
to see you. i wanted to put this up. this is what's on the cover of "usa today." pentagon warns of huge cuts. when you think about what's going on in washington, right now, and you think about the sequester that may or may not happen, and you think about your history in washington, do you think that we will have the sequester? >> andrew, i don't know. i think it's a very complicated situation. i think we had a great opportunity and i actually thought there was some reasonable chance it might happen, which was to have a grand bargain that could have addressed what is really unsustainable and deeply dangerous long-term fiscal situation and i think if we had done that, not only would be useful for the long run but i think could have generated confidence in the shorter run and promote jobs now. now instead of that we have a happen has 5rd process. a sequester we're facing. it's a terrible piece of legislation. it arbitrarily cuts defense and nondefense without thoughtfully doing so. instead of being phased in so we'd have more room for recovery, it hits abruptly. and it's far, far from clea
Search Results 0 to 3 of about 4